I’m new to QuickFile and in the process of migrating from Solar accounts.
The company I work for uses the Second Hand Margin Scheme but we don’t deal in cars so working out VAT liability on second hand goods is a bit more complicated. We have an agreement with HMRC where we total the second hand sales and second hand purchases for the quarter, then deduct the purchases from the sales and work out our VAT liability on the remainder.
In order to do this we have to record our S/H sales and S/H purchases at zero VAT so they don’t get mixed in with the regular entries. When it comes to preparing VAT returns, there is a manual calc for the VAT liability on S/H sales which gets added to the VAT return Box 1 figure. Is it possible to alter the Box 1 figure before uploading to HMRC?
When you have generated the VAT return within QuickFile then there is a little pencil icon next to the boxes.
If you click this then you can add your adjustment and any notes for your reference. The notes and the adjustment amount won’t be sent to HMRC only the new total.
To add to Beth’s answer, when you make manual adjustments like this that change the overall total in box 5, the balancing entry goes on the “manual adjustments” nominal code and you’ll need to make another journal to move that balance to the right place (which might be to reduce your sales or you might use a separate nominal for margin scheme sales adjustments like QuickFile would do for the flat rate scheme).
The idea of starting another nominal ledger to record those adjustments appeals to me - though at this stage of the game I’ve no idea how to set that up (I’m an IT guy who’s fallen into preparing VAT returns)!